Unit 1: The price of oil; price elasticity of supply

These two BBC articles try and explain the latest rise in the price of crude oil

http://news.bbc.co.uk/1/hi/business/6758891.stm

http://news.bbc.co.uk/1/hi/business/6755077.stm

a) Is supply elastic or inelastic? What reasons are given to explain this ?
b) What is happening to demand?
c) Draw a S&D diagram (using these 2 answers) to show why the price has been rising